Notice Type
General Notices
Notice (No. 12) of Approval of Amendments to Financial Reporting Standard Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (``the Act''), that the Accounting Standards Review Board has approved, for the purposes of the Act, the amendments to Financial Reporting Standard No. 26 ``Accounting for Defeasance of Debt'' submitted to it by the New Zealand Society of Accountants. The purpose of the amendment was to clarify the standard to ensure that before a debt could be accounted for as extinguished by legal defeasance that it is virtually certain that the debtor will be neither required to assume again the primary obligation nor the secondary obligation. The amendment to FRS 26 is to take effect in respect of accounting periods and interim accounting periods ending on or after 31 October 1996. A copy of the amendment and the consequential amendments to the relevant commentary may be purchased from the office of the New Zealand Society of Accountants, 40 Mercer Street (P.O. Box 11-342), Wellington and 2733 Ohinerau Street (P.O. Box 3334), Remuera, Auckland. Dated this 17th day of September 1996. JOHN C. HAGEN, Chairman, Accounting Standards Review Board.
Publication Date
26 Sep 1996

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